Desire to be A True International Citizen Drives Demand for Second Passports in the Region
November 23, 2016 - News
As the number of HNWIs increase in emerging economies, so does the expectation for freedom of movement
The growth of HNWIs in Asia and the Middle East is going hand in hand with a new demand – the desire to be identified as international citizens and to enjoy all the benefits that come with it, chief among them being greater global mobility.
According to PassPro Immigration Services, a specialist Citizenship by Investment consultancy, many well-established professionals and wealthy individuals from emerging economies face daily frustrations associated directly with the travel document they hold. For them a second citizenship provides more business and travel freedom.
“Businessmen from the Middle East, North Africa, Indian Subcontinent, China and Russia who travel on passports of their place of birth continue to face very restrictive visa policies, long delays in getting security clearance and other hassles that cramp their ability to do business globally. Most of them already identify themselves as international citizens – they do business all over the world, have studied and educated their children abroad and own property and residences in multiple countries. A second citizenship offering greater global mobility removes the last obstacle to enjoying the life they already possess,” says Giselle Bru, Chief Operating Officer of PassPro Immigration Services which recently opened its head office in Dubai with offices around the region and overseas.
“There are several legitimate Citizenship by Investment programs that compete on a global level to attract successful professionals and businessmen. Such programs are available in many Caribbean and European countries such Antigua and Barbuda, St Kitts and Nevis, Dominica, Cyprus and Malta, while USA, Canada, Australia, UK and many European countries have investor residence programs which require longer processing times and considerably higher investment,” Bru added.
“Citizenship by Investment programs are fast-track immigration solutions, and what makes these programs very attractive is the shorter processing time and the robust due-diligence and background checks which are handled by specialized agencies based in the US and Europe. A comprehensive due-diligence process protects the integrity of these programs, current and future citizens and maintains a high ranking of these countries’ passports on the global mobility lists,” Bru added.
“We are also increasingly assisting well-established and successful professionals, who may not be categorized as HNWIs by net worth, but include CEOs, Managing Directors and entrepreneurs who believe that an investment in a second citizenship program will bring higher value than investing in a property or keeping a fixed deposit in their saving account.”
The number of HNWIs and amount of private wealth in Asia Pacific surpassed that of North America for the very first time last year, according to the World Wealth Report 2015 released by Cap Gemini earlier in 2016. The HNWI population and wealth in the Middle East has also witnessed significant growth between 2010 and 2014, and is expected to grow at a fast pace, forecasting a growth rate of 4.1% on average until 2019, according to a report from WealthInsight.
“Dubai was an ideal choice for basing our headquarters due to its geographical location and easy connectivity to major source markets for potential clients – namely the Levant, the Indian Subcontinent, CIS nations and Africa,” said Bru. “On account of its stable government and ease of doing business, Dubai serves as a financial asset management hub for HNWIs across the MENA region, streamlining the process of conducting due diligence for many of our clients, which is an essential requirement for acquiring second citizenship.”
“For clients from the Middle East, having access to a safe haven for their families and assets is another key driving factor in the face of increasing instability and security concerns. But access to freedom remains paramount. People want choices and possessing more than one passport gives individuals this choice,” she added.
Citizenship by Investment programs of Antigua and Barbuda, St Kitts and Nevis and the Commonwealth of Dominica continue to be among the most sought-after among Middle Eastern and Asian individuals on account of their strong passports and relatively affordable investment entry threshold, starting at USD225,000 for a family of 4.
For more information about Citizenship by Investment Programs contact:
+971 4 554 1449
November 14, 2016 Guide
In this two-part series we look at how Governments conduct background checks on applicants for second citizenship. TeRead More